26 June 2010, 17:00
Minister of Economy: private transfers are challenging Armenia's economy
Nerses Eritsyan, Minister of Economy of Armenia, has named private money transfers received by Armenia from abroad, a challenge for the national economy. In his opinion, they are affecting the economic activity of the population.
"It should be done something to make people work, not just spend money received from abroad," Mr Eritsyan said at the sitting of the government.
Ovsep Khurshudyan, senior expert of the Armenian centre of National and Strategic Studies, has noted that "the negative effect of transfers is incomparably higher than the positive energy they bring into the social life of the population with account of high unemployment, inefficient or poorly-paid workplaces."
"Currency inflows get in and out causing no changes and just servicing our negative foreign trade balance," said the expert.
According to the Central Bank of Armenia, in January-April this year, money transfers to the total sum of 367 million dollars arrived through the bank system of Armenia to individuals.
Author: Lylyt Ovanisyan Source: CK correspondent
